Don't know what to do!!

[Bex12]

Hi I am really stressed at the moment I have £25000 debt I always pay my Monthly bills and never missed a payment on any of my bills or credit but it's the minimum payment and I am finding that I have to rob peter to pay Paul so to speak I'm using cash from credit cards etc when I am short so I'm digging myself in to a bigger hole I contacted national debt line and they suggested a IVA I'm really scared about doing this, I'm married with two small children a 4 and 1 year old and me and my husband work full time but it's not getting us anywhere if I do take out the IVA it will only be in my name as the credit is only in my name we privately rent so have no assets national debt line say I have about £225 a month that I could pay towards an IVA but I don't know as I've researched it on the net and there is so much negative comments about it. Most of my debt is with Barclays loan, credit card and overdraft do Barclays usually agree to an IVA when approached? Some advice would be greatly received xx

[Foggy]

Hi Bex. You really need to chat to a few companies to compare advice and sort your own mind out. A list can be found over at www.iva.com

A brief wander around the forum will also show you who are popular and who are not!

Although the large companies have many thousands of happy clients, my personal view would be to prefer the medium size companies where you will be treated as an individual. I would also suggest a company where you can actually speak to the IP, if needed, rather than office staff --- some companies do have their IPs in an ivory tower!

I might add that a lot of the negativity at the moment revolves around delays caused by PPI, misunderstandings and not realising fully what you are signing up for ... so research, research, a cup of tea and more research!

Feel free to ask any questions

[Bex12]

Thank you Foggy I have just Been on the link you posted and a lady from the company is going to call me in a bit to discuss my options. [:)]

[Jules79]

All the best Bex, I must add that although its very daunting you are doing the best thing by researching and asking questions first.
We did it the other way round, in a blind panic and up to our necks in it. We did however seek out a company on recommendation from the CCCS, on reflection I wish we had done what you are doing now. An IVA is by no means a easy way out, some days its like carrying a sack of spuds round. No credit for 6 years means no new car (HP,Lease, Loan) living very stringently and also being prepared for sharing your most personal circumstances with people you don't know should your situation change (IVA company staff) That said the relief you will feel once your IVA is approved is immense, the calls stop, the letters stop, juggling the debt stops, the support is on the other end of the phone or on here plus you'll be debt free in 5/6 years.
I hope you find the best solution for you and your family, we have learned valuable lessons along the way which in turn has made our children (9&12) question their own spending when it comes to spending their pocket money.
Keep us posted and all the best

[Bex12]

Aww bless ya Jules it's hard isn't it I haven't fell behind on any of my bills or debts but it's so hard keeping up with the payments and just digging myself in a bigger hole!! I need to get a basic bank account can you recommend any as I've been with Barclays since I was a kid xx

[kazzafunk]

Hi Bex12 - there will be a solution to your problem. We never once regretted our IVA.

Make sure you talk to 2 or 3 companies - you will need to work with them for 5 years so best to choose someone you feel comfortable with.

[Jules79]

It sure is a long old journey, so many things can change along the way and who knows your numbers may come up

We had accounts with Barclays who then subsequently became creditors due to loans and overdraft facility.
We opened a flex account with Nationwide in the early stages (not in IVA at the time) they also have a cash+ account which is useful for savings or to separate your pennies.
Did you speak to an IVA specialist? Did she/he inform you to cancel all DD to the creditors?
The money you then save by doing so I added to the 'savings' account as a contingency to help us once the IVA was approved.
Expect the calls, letters and threats of bailiffs. You just need to send those onto your IP who will deal with them. The calls can be intense so try not to let them get you in a panic.

Some people leave it until they have no where else to turn, we too were up to date with all payments however we were somehow feeding a family of 4 with cats and dogs all on £20 a week for around 2 months with school dinner bill of £52 this is where we became unstuck and things started to spiral.

In the real world an IVA is a struggle, our income has decreased significantly due to a child tax credit overpayment which is now to be repaid! We really are in a pickle, However rather than feeling like we have no where to turn I have been given immense support from this forum and have been supported by our IVA firm (eventually) and are hopeful for a successful outcome.

We are all here to help you along the way, some of us have personal experiences whilst others are the professionals who give sound advice and help with ways to approach situations.
Your doing the best thing asking and researching and also accepting that you need help. Pat on the back for you!!

[mazbrown]

Hi Bex , the first steps are always the hardest , everyone has different circumstances . I can honestly say that doing an iva was the best thing I ever did . I'm sure your worried about the impact on the kids , as many forum members have been through similar Iva's you can take comfort from them coming out the other side . Think of it as a 60 month loan . Good luck in what you do . Keep us informed and we can advise you as best as we can .